#1 - AMD (NASDAQ:AMD)
Bitcoin is mined using high-end specialized hardware packages called ASICs that perform no other function than mining Bitcoin. Creators of newer cryptocurrencies like Ethereum and Dash wanted to make it so that everyone could mine cryptocurrencies, not just centralized mining facilities with specialized hardware in parts of the world with cheap electricity. They changed their hashing algorithms so that anyone with a modern computer and graphics card, like those made by AMD and Nvidia, could mine their coins.
AMD's Radeon graphics cards are preferred by cryptocurrency miners because they offer superior hashing performance to those produced by Nvidia. By targeting their products toward miners, they have significantly expanded their potential market size by creating products that can be sold to high-end computer gamers and to cryptocurrency miners.
There are plenty of other reasons to like the company as well. AMD's revenue is now steadily growing again after years of not being able to compete with rival Intel. Analysts keep raising their price targets on the stock and their financials are looking better quarter-by-quarter.
About Advanced Micro Devices
Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.
Read More - Current Price
- $153.76
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 27 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $185.59 (20.7% Upside)
